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While many Australians will have given up on their new year’s resolutions by now, others will be slightly more determined to stick with their goals.
Whether the resolution involves quitting smoking, saving more or eating less, the start of a new year brings with it a clean slate – where past slip-ups are forgotten, and a fresh start can be made.
According to the latest ING DIRECT Financial Wellbeing Index, 48% of Australians decided to make a new year’s resolution this year, with the most common resolutions for 2014 involving physical health and financial wealth.
The survey showed that 23% of Aussies planned to improve their health and physical fitness, while 22% planned to improve their financial position.
Twenty-seven percent of Baby Boomers (aged 50-64) said their top priority for 2014 was spending less, while 27% of Gen Y (aged 18-34) wanted to increase their income.
Research from ING also showed that 2013 was a good year for Australians financially.
“Australian households have worked hard throughout 2013 to get their finances in better shape, and comfort levels with mortgage and credit card debt are especially strong at present,” said John Arnott, executive director of customer at ING DIRECT.
“It’s great to see high levels of optimism for the year ahead, and the index results confirm that Australians will continue to consolidate the gains made in 2013 with a sensible approach to money management.”
Paying down the mortgage
One in five households said their biggest financial achievement during the past year was staying on top of debt. The survey showed that Aussies were also more comfortable with their mortgage payments than ever, with nearly half of respondents paying down their mortgages ahead of time.
The percentage of respondents uncomfortable with their mortgage in 2013 was just 5% – the lowest proportion recorded since the bank started collecting this type of research.
Concerns for 2014
While the outlook for 2014 was positive, there were some concerns for the upcoming year.
The survey showed that 29% were worried they wouldn’t be able to get ahead financially, 19% were concerned about losing their job, 19% worried that the economy would not recover or prosper, and 13% worried that interest rates would rise.
Small Steps
For some, it seems new year’s resolutions are bound for failure, according to motivation coach Kylie Ryan. Ryan said Australians have a tendency to set the bar too high and to expect huge changes within a short period of time.
This leads as many as 90% of people who make new year’s resolutions to fail. To avoid failure, it seems it is better to take small steps in the right direction, instead of massive leaps that will usually fall short.
“New year’s resolutions don’t work,” Ryan said. “What does work is small steps, aiming for small changes that are based in self-compassion. Self-compassion is the key to making lasting long-term changes. Being kind to yourself.
“New year’s resolutions are steeped in this all-or-nothing mindset of ‘I’m going to do it all’.
“That works for a very small percentage of the population. But the vast majority of people should take small steps, use small goals, rather than making these huge, intensive, sweeping lifestyle changes.”
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